If you are in a blended family, you may already know that estate planning can be a bit more complicated than in traditional families. There are more potential heirs to consider, and you must ensure that your assets get distributed the way you want them to be. You cannot afford to overlook some items when estate planning as a member of a blended family in Minnesota, including making a comprehensive will, communicating, working with a financial advisor and naming your minor children’s guardian.
Making a comprehensive will
Usually, when people in blended families die without a will, their assets get distributed according to the laws of intestate succession. This law means that your spouse may earn a portion of your assets, and the rest may go to your biological children. Therefore, if you want your stepchildren to inherit anything from you, then you need to make this explicit in a will.
Communicating with your family members
It is important to have frank conversations with all of the members of your blended family about your estate plans. This way, there are no surprises after you are gone, and everyone knows what to expect. In addition, it would be best if you also put your plans in writing so that there can be no misunderstanding about your estate planning wishes.
Working with a financial advisor
A financial advisor can help you to navigate the complexities of estate planning for a blended family. They can ensure that all of your bases are covered and that your assets go to the correct beneficiaries.
Naming a guardian for your children
If you have minor children, then you need to name a guardian in your will. A guardian is a person who will take care of them if something happens to their parents. If you do not name a guardian, the court will decide who gets custody of your children, which may not be the person or people you choose. Ultimately, estate planning for a blended family is not that different from estate planning for any other type of family. However, that doesn’t mean that it is entirely problematic. If you take the time to plan and take the necessary steps, you can rest assured knowing that your family will be taken care of after you leave.
